Powered by MOMENTUM MEDIA
subscribe to our newsletter
ANZ to repay customers $13 million

ANZ to repay customers $13 million

Around 20,000 ANZ customers will be compensated approximately $13 million after the bank failed to apply bonus interest to its Progress Saver accounts (PSAs).

In a statement issued by ASIC, ANZ must pay affected customers $13 million in compensation following its failure to accurately apply bonus interest to PSAs for a number of years.

According to ASIC, ANZ discovered the breach following a customer complaint and reported it to the regulator.

Advertisement
Advertisement

“ANZ advised ASIC of its intention to undertake a thorough account reconstruction exercise to determine the financial impact on all affected PSA holders,” the statement said.

The bank is currently contacting and providing refunds to affected past and present PSA holders, a process that is expected to be completed by the end of this week.

ASIC deputy chairman Peter Kell said ANZ has taken its breach reporting obligations seriously in this matter.

“Breach reporting helps ASIC ensure affected consumers are returned to the position they would have held if it were not for the breach occurring at all,” he said.

ANZ to repay customers $13 million
mortgagebusiness

 

Latest News

The managing director and CEO of the financial services group has stepped down from his post, effectively immediately. ...

Financial regulators worldwide are increasingly focusing on climate change risks and disclosure reporting in finance, with the trend expecte...

Non-banks have hit back at “unfounded” claims from the CEO of an industry association, who has suggested that under APRA’s proposed ch...

FROM THE WEB
podcast

LATEST PODCAST: Economists predict a bottom to the property market slump

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.